The scheme involved taking $5.9 million in equity out of three residences by defrauding hard-money lenders
A California couple is facing charges over a real estate fraud scheme that saw hard-money lenders scammed out of $5.9 million, according to the Orange County District Attorney.
Under the alleged scheme, which ran between June 13, 2016, and July 1, 2016, Ronald Touchard took over the titles of the Newport Beach residences despite not owning the properties or having claims to them. To obtain the titles, he submitted paperwork to the State of Delaware to indicate that he was the sole officer of a Laguna Beach investment company called Capital Win Corporation and Gainquick LLC.
Using the deeds of trust and representing himself as the president of Capital Win, Ronald convinced hard-money lenders to take out $5.9 million in equity from the three homes.
The stolen funds were allegedly used by Ronald and his wife Misty Touchard to purchase a Land Rover, among other large purchases. The couple is also accused of moving the money between various bank accounts in a pattern consistent with money laundering.
Ronald was charged with 54 counts of money laundering, three counts of grand theft, and three counts of recording false or forged instrument. He faces a maximum penalty of 55 years and four months in state prison. Misty was charged with the 13 counts of money laundering and three counts of grand theft. She faces a maximum penalty of 24 years and eight months in state prison.
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